Vertical Bridge has successfully concluded a significant $3.3 billion acquisition with Verizon, obtaining exclusive management and leasing rights to over 6,300 wireless communication towers. This marks the largest U.S. tower transaction in nearly 10 years and represents a strategic milestone for Vertical Bridge.
The agreement secures Verizon’s ownership of the towers while entering a 10-year lease-back agreement as the anchor tenant. The arrangement, which includes options to extend up to 50 years, adheres to Verizon’s commitment to enhancing their 4G and 5G infrastructure. The prepaid lease involves $2.8 billion cash upfront, underpinned financially by DigitalBridge, Vertical Bridge’s parent company, and investment firm CDPQ.
This transaction signifies an essential pivot in Vertical Bridge’s strategy, as it strengthens its influence within the U.S. communications infrastructure sector. “The close of this transaction marks a transformative milestone for Vertical Bridge, solidifying us as the partner of choice in the U.S. communications infrastructure industry,” said Ron Bizick, Vertical Bridge’s President and CEO. He emphasized that the towers’ exclusive locations will allow for expansion opportunities to cater to a varied clientele.
Vertical Bridge is further extending its reach with the acquisition of 226 towers from Shenandoah Telecommunications (Shentel), previously completed for over $310 million. This diversification of assets not only expands their infrastructure but also solidifies their standing as a leading player in the vertical real estate and communications market.
